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Money worries are hurting your business

 

1 in 5 employees says they will look for a new, higher-paying job in the next 12 months if the cost of living crisis worsens. With financial stress and staff retention strongly linked, it pays to invest in your current team.

67% of employees say money worries affect their work...

Do you feel your money worries affect your work performance_ (1)

...of which, 59% say it makes them less productive.

Employees with money worries also take more sick days, feel undervalued and actively look for higher-paying jobs.

What effect(s) do money worries have on employees work_ (1)

And it’s not just the lowest paid who are impacted.

It’s your entire workforce.

In fact, the more an employee earns, the more likely they are to spend time on a personal financial task, while at work.

Probability of researching a financial task while at work

All the while, an overwhelming 81% of employees say a financial wellbeing programme would increase their satisfaction.

Do you think availability of a financial wellbeing programme would increase your satisfaction as an employee_

It could even see them stay longer at your company.

Would a financial wellbeing programme result in you staying longer at your job_

Many employees even know what kind of support they’re after.

chart (1)

There are clear signs financial education and wellbeing programmes provide a big opportunity for employers, when competing for talent.

69%

Think their employer should do more to support their personal finances

73%

Would welcome their employer offering guidance that helps them save money every month

76%

Would use a financial wellbeing programme, if their employer offered it

And, so far, few employers have managed to get it right.

_How well does your employer support your financial wellbeing_

Learn how to create a financial wellbeing programme that gives your people these benefits:

 

Financial benefits

  • 19% increase in pension income per year

  • 39% increase in financial asset value

  • £47k average monetary benefit after 10 years

 

Emotional benefits

  • 10% feel less stressed about the future

  • 44% feel more confident about managing their money

  • 28% feel more secure after putting a financial plan in place

Learn more about financial wellbeing
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Should employers acknowledge Blue Monday?

Jan 15, 2024 by Oliver Gudgeon

Blue Monday (15 January) has a mixed reputation. But there’s still value in using the day to raise awareness of mental...
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New Claro Wellbeing: if you have WhatsApp, you have Claro

Nov 23, 2023 by Oliver Gudgeon

Ever wished you had a money-whiz friend you could ask anything, as often as you like? 

That's exactly what Claro...
5 min read

Introducing the new Claro Wellbeing – an update from our CEO

Nov 6, 2023 by Rob Brockington

Millions are being impacted by financial stress. Yet, until now, workers in frontline occupations have not been able to...

How much could a financial wellbeing programme save your team?

 

Get a forecast on how many employees are likely to be in debt, stressed, or need help managing money, based on sources including ONS.

 

Calculate ROI

 

Data has been taken from ONS, MAPS, YouGov, PWC.